The Kennady North diamond project Image credit: Mountain Province Diamonds
(mining-journal.com) - Mountain Province Diamonds' share price has surged more than 20% after it announced a proposed US$50 million sales deal with Dunebridge Worldwide for rough diamonds from the half-owned Gahcho Kue mine in Canada's Northwest Territories. Dunebridge is controlled by Dermot Desmond, who also owns about 32% of Mountain Province. Mountain Province has 49% of Gahcho Kue in a joint venture with De Beers Canada. Diamond producers are being forced to find alternative sales routes for stores of rough stones as the world's traditional markets remain disrupted by COVID-19 restrictions. Mountain Province expects the sale of the first tranche - $22 million worth of diamonds from Gahcho Kue inventories - to close this week, providing much-needed liquidity.
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14 october 2026
